While the S&P CoreLogic Case-Shiller Home Price Index showed San Francisco and San Diego starting to catch up to Seattle for single-family home prices in the months of September and October 2017, our Puget Sound region ended the 2017 calendar year at a 16th consecutive month leading the nation. "In December, Seattle led the way with a 12.7 percent year-over-year increase," states The S&P Dow Jones official report.
The Seattle Times recently reported that Seattle has now hit a median home price for $777,000 and $950,000 on the Eastside. This is $20,000 more than the previous all-time high in Seattle from just the prior month. "Home prices grew at least 15 percent in every county in the Puget Sound region, according to the Northwest Multiple Listing Service." Both Snohomish and Pierce counties also set record highs, and it's not just houses. Condominium prices have risen 22 percent year over year in King County. "The typical Seattle condo now costs $535,000, up $60,000 from a year ago."
With the rapid rise in prices, it's no wonder the suburbs surrounding the Seattle area have started seeing a bump in popularity. Homebuyers seeking respite from the frenzied market, buyers are sprawling further from the city centers. "Since 2010, Seattle has grown by 105,000 people, more than 26,900 of those residents have come in just the past year, a greater number than all the rest of King County combined. But with home prices skyrocketing, inventory low, and bidding wars over homes the norm--especially for those in the fixer-upper category--home buyers and renters alike are opting out of the city and looking outward for more: more space, more options, and more cash remaining for things not related to mortgage, rent, or remodeling," as stated by The Seattle Magazine's recent suburban spotlight.
Read the full Best of the Burbs article here: The Next Generation of Seattle Suburbs
Experts are counting on prices to continue to rise through the summer when it is normal to see rising home prices; but time will tell on if these prices continue their record-breaking streak.